PDD Holdings Inc. (NASDAQ:PDD) Shares Acquired by M&T Bank Corp

M&T Bank Corp lifted its holdings in shares of PDD Holdings Inc. (NASDAQ:PDD) by 11.0% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 17,570 shares of the company’s stock after acquiring an additional 1,740 shares during the period. M&T Bank Corp’s holdings in PDD were worth $1,704,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the stock. Prospera Private Wealth LLC purchased a new stake in PDD during the 3rd quarter worth approximately $27,000. Venturi Wealth Management LLC acquired a new stake in shares of PDD during the third quarter worth $29,000. Nisa Investment Advisors LLC purchased a new stake in shares of PDD during the fourth quarter valued at $39,000. Brooklyn Investment Group increased its position in shares of PDD by 340.3% in the 4th quarter. Brooklyn Investment Group now owns 524 shares of the company’s stock valued at $51,000 after acquiring an additional 405 shares during the period. Finally, Global Retirement Partners LLC raised its stake in PDD by 939.6% in the 4th quarter. Global Retirement Partners LLC now owns 551 shares of the company’s stock worth $53,000 after acquiring an additional 498 shares during the last quarter. Institutional investors and hedge funds own 39.83% of the company’s stock.

PDD Stock Performance

Shares of NASDAQ PDD opened at $119.92 on Monday. The company has a market capitalization of $164.99 billion, a PE ratio of 11.71, a price-to-earnings-growth ratio of 0.32 and a beta of 0.69. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.15 and a current ratio of 2.15. The company’s fifty day moving average price is $110.66 and its 200 day moving average price is $112.09. PDD Holdings Inc. has a 1 year low of $88.01 and a 1 year high of $164.69.

Analysts Set New Price Targets

Several research firms have weighed in on PDD. Benchmark dropped their price target on PDD from $185.00 to $160.00 and set a “buy” rating on the stock in a research note on Friday, November 22nd. Dbs Bank downgraded shares of PDD from a “strong-buy” rating to a “hold” rating in a report on Friday, November 22nd. Jefferies Financial Group reduced their price target on shares of PDD from $181.00 to $171.00 and set a “buy” rating for the company in a research report on Thursday, November 21st. Finally, JPMorgan Chase & Co. downgraded shares of PDD from an “overweight” rating to a “neutral” rating and dropped their price objective for the company from $170.00 to $105.00 in a report on Friday, November 22nd. Three investment analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, PDD presently has an average rating of “Moderate Buy” and a consensus target price of $173.40.

PDD Profile

PDD Holdings Inc, a multinational commerce group, owns and operates a portfolio of businesses. It operates Pinduoduo, an e-commerce platform that offers products in various categories, including agricultural produce, apparel, shoes, bags, mother and childcare products, food and beverage, electronic appliances, furniture and household goods, cosmetics and other personal care, sports and fitness items and auto accessories; and Temu, an online marketplace.